London Startup to Utilize Blockchain Tech in Selling Cars

Sep 11, 2018 at 22:33

A London-based automotive company is planning to utilize the blockchain technology in order to provide a portal that details key information on cars that are up for sale.

The firm known as Auto Block promises that aside from the history of the cars, it will also contain data on trading and insurance risks associated with certain countries and cities in order to allow small retailers to compete with market giants such as Autotrader and eBay.

Another goal of the project is to create a database of vehicle specifications containing age, mileage, major repairs and past insurance claims of a car, aside from giving metrics on the most profitable or high-risk locations in buying, selling, or claiming insurance.

The company also claimed that with the said effort, car dealers can access the global cryptocurrency market with minimal effort and cost through a decentralized marketplace paired low transaction costs as well as listings and advertising that are free from any charge.

Through its proposed system, Auto Block wants to use cryptocurrencies for a point-of-sale system and an exchange for car dealers that will enable them to accept any currency with reduced interest rates and versatile cash-out options.

The startup is also aiming to launch its own cryptocurrency named AutoCoin that intends to grant users with security and fraud prevention system to make it an effective payment medium.

Aside from the use of cryptocurrencies, Auto Block is also planning to launch a website that offers crypto users with free advertising for cars that are up for sale. It is also envisioned to be the first dedicated portal for buying and selling new and used cars with cryptocurrency.

The company said that as of the second quarter of the year, there are more than 6,000 car dealers in the United Kingdom that are competing over the market share of retail sales for both used and brand new automobiles.